23 September 2013
Inland Homes PLC
("Inland Homes" or the "Group")
Inland Homes is pleased to announce that it has exchanged unconditional contracts to purchase two empty office buildings in Station Road, Gerrards Cross, which was recently described as Britain's third wealthiest postcode*, Buckinghamshire.
In accordance with new legislation brought in by the Government in May 2013 to promote office to residential conversion, Inland Homes has applied to South Bucks Council under "prior approval notification" procedures that it intends to convert the buildings to residential units.
The buildings, which total 13,000ft², will convert into 30 apartments and satisfy the criteria set out in the new legislation. It is anticipated that all the units will be available for private sale.
It is intended that work will start on the development in January 2014.
Stephen Wicks, Chief Executive, Inland Homes, commented:
"This acquisition is a good example of our creativity at Inland Homes. We have secured these buildings at an attractive price and made use of new legislation to convert the buildings without the need for planning permission, which should enable us to achieve a rapid return on our capital.
"The proposed new apartments will be priced at levels that will be attractive to both first time buyers as well as investors and we anticipate a fast sales rate."
For further information please contact:
Inland Homes plc www.inlandplc.com Tel: 01494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Paul Brett, Land Director
finnCap Nomad & Broker Tel: 020 7220 0500
Matthew Robinson / Simon Hicks (Corporate Finance)
Simon Starr / Brian Patient (Corporate Broking)
Blythe Weigh Communications Tel: 020 7138 3208
Paul Weigh Mobile: 07989 129658
Halimah Hussain Mobile: 07725 978141
Notes to Editors:
Inland Homes identifies brownfield land in the South and South-East of England principally for residentially led development schemes. The business then enhances the land value by obtaining planning permission. It also builds houses for private sale and in addition sells consented land onto other developers.